Buying Or Selling Bitcoin – Pakistan

Bitcoin Pakistan
Buying and selling bitcoin in Pakistan often a problem. We are often asked for trusted ways for trading btc to pkr securely and at the best rates possible. In this article I will cover the better options in Pakistan on how to buy or sell your bitcoins easily and securely. We will cover each option in detail and the merits and demerits of the method. Punjab, especially Lahore, Faisalabad, Islamabad, Rawalpindi seem to be the hot bed for bitcoin trading. I would like to cover all options including those of international options. However do take note that we will cover mostly local methods and not talk about btc to usd much as that is the most expensive unless you are looking to trade with higher volumes in dollar.

Urdubit:

This is a order booked based bitcoin trading platform where you can securely buy bitcoins and sell them at your own rates. This is one of the best methods as its the only known local exchange in Pakistan. It has been around since oct 2014 and done over 1000 btc in trade volume as of this writing. The best part of this exchange is that you are dealing with a great support team while being assured that your funds are not going to an exchanger directly. Since the platform is online and fully automated you dont have to wait for exchanger to send you bitcoins. Once you deposit funds you are free to buy or sell as many times and all bitcoin deposits and withdrawals are fully automated.

Localbitcoins:

Some people dont like going through lengthy AML/KYC policy thats where localbitcoins comes into action. It supports a peer to peer model with escrow options. Its one of the oldest peer to peer platforms. Its based on reputation system so you will know who is trusted exchanger by user reviews.  Again its a bit risky based on the fact that some exchangers have still been able to scam after building trust with clients then doing off localbitcoins trade. The fees here is also the highest in my view. As localbitcons charges 1% fee to both buyer and seller. Then the trade or ad poster also charges anywhere from 3% to 10% in addtional fee.

Local Exchangers On Facebook:

This is most risky way in my opinion. Most these exchangers dont even have a face on their profiles and scam alot. The ones that are trusted are selling at really high prices. This is again a slow method as you have to wait for the exchanger to send you the bitcoins. Be extremely careful here.

MyCelium App:

I love this app. Its a android mobile wallet with builtin feature to post trades. The problem here is the same as the above as this is again peer to peer model it becomes a bit risky.

International Exchanges:

I will update the list that supports Pakistan here soon. But while this is the best way to get bitcoins fast it is also very expensive. Since you have to follow AML/KYC then buy usd from local market and use your local usd account to wire dollars to international exchanges to eventually be able to purchase or buy bitcoins. Again selling is the same problem you have sell then wire back to your local usd account. The wiring cost is alot so only do this if you are looking to wire atleast $5000 and above.

An advise is to search Bitcoin Pakistan and on facebook and join all possible groups of such names to keep yourself posted on information and happening of bitcoin in Pakistan and abroad.


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The trend in bitcoin acceptance continues as we wind down 2015. New entrants into this rising trend are Topup24, operating out of its main office in UAE and branch office in UK, topup24 offers prepaid/postpaid/billing easyload and/or topups in 120+ countries with payment methods such as bitcoin and paypal.

Topup24 is owned and operated by Mr Azeem Javed, who wants to penetrate the online e-commerce market in Pakistan.

What is Topup24?
Topup24 presents itself as to provider of mobile balance recharge service. They Offer mobile recharge service 24/7 throughout the world and especially in Pakistan, where the cellular density sits at 64%. Pakistan being the 6th most populous country in the world lagged features of online or internet mobile loads to Mobilink, Telenor, Ufone, Zong and Warid.

Topup24 looks to be on top.
Topup24 aims to provide unparalleled service in mobile recharge services to all those clients looking to add credit to their prepaid mobiles as well as their family members or friends living in other countries while making sure that the minimum balance recharge of  Rs 100 in Pakistan or $5 internationally. The rates are the best in the market with Pakistan leading the way $1 = Rs 100 recharge. The other thing to keep in mind here when the idea of topup24 was to provide mobility. Hence the compatibility on range of devices was kept in mind. The design elements of the website were kept to the minimum so in-order to enable usability on the go.

Beating the competition.
While talking with NewsBtc Pakistan Mr Azeem stated “Topup24 have fewer competitors in Pakistan with hardly any online presence” It is the motto of his service “be No.1 mobile recharge provider in Pakistan with minimum top up rates and with an online presence.” However to beat the international competition they plan to offer 10% bonus on referrals. “We have strong competitors providing mobile recharge internationally. They have very strong online presence, we are aiming to lead them by providing bonuses on international top ups and a better service”, Azeem.

How does topup24 work?
It is very simple to get your mobile top up. Simply visit Topup24 ,enter your e-mail and get your login information in your provided e-mail.
OR
Login using your social media accounts.Once you are logged in, provide your mobile number, choose amount and payment method. Once your payment is approved you will instantly get balance into your given mobile number to use. It usually takes 15-20 seconds to get it done. It’s that simple.

Support:
Topup24 aims to become the de facto force in mobile recharge service in Pakistan and internationally. They are committed to providing live chat, email and phone support while fulfilling the needs of users of mobile services.

You can contact us on live chat, e-mail and Phone.

Phone: +92 300 6145155 (Pakistan)
Phone: +971 50 30 65123 (United Arab Emirates)
Skype: azy0wzy
E-mail: [email protected]

 

While covered many times, the recent turn of events at NewsBTC Pakistan has enticed me to write another article on what, why and how to bitcoin. The things that led up to this decision had to with so entry of  new people, who are trying to use bitcoin as a payment gateway.  The reason to this recent increased traffic especially from Faisalabad, Pakistan is the reason that a PTC Site named e2click has switched its payment terms to bitcoin.

PTC Sites:
These are paid to click websites e2click being very active in Faisalabad. We at newsbtc and newsbtc Pakistan dont support paid to click services. Most of these sites are either a scam and some even do things not permitted by Law.

Faisalabad:
Recently a flurry of calls were received at our office for people trying to understand bitcoin and how to get paid in it. Most of the calls originated from Faisalabad Pakistan. It seemed that there are a numerous people working there on ptc sites such as e2click. These sites charge you for purchasing the right to clicking on paid ads. Once you click on the link you get paid anywhere from  $0.01 to $0.50+(USD). Once e2click decided to switch the earning into bitcoin we started receiving inquires into bitcoin cash out methods or coverting bitcoin to pkr queries from different cities in Pakistan.

Bitcoin:
This is the most important part I wanted to cover, the issue we faced was most people didnt know English and didnt understand blockchain or bitcoin. They compared it to the likes of Perfect Money, Paypal and even wanted to know how it was to be transferred to bank account directly from blockchain.info as they considered this as bitcoin. It is imperative to explain this here and this article will mostly cover helping these people understand how to cash their bitcoin or transfer bitcoin dollars as most were calling it to their accounts.

Please understand Bitcoin is a peer to peer gateway that lets anyone transfer bitcoins to anyone. Blockchain is the public ledger that records these transactions. Blockchain.info is just a online wallet that allows you to store your bitcoins online or on your phone so you can easily send these to someone else. You can utilize other wallets if you dont like blockchain.info (but this is by far the most popular and a bit easier to use for the new entrants into the field).

The price of bitcoin varies on different exchanges and at the time of trade. Bitcoin works entirely on supply and demand principle. Bitcoin can be sold to anyone and even used for payments on major sites. For those who are using such sites or any freelancers sites to earn bitcoins I would suggest either to make online wallet, mobile wallet or even a paper wallet. The reason I dont suggest the full core wallet is because Pakistani electricity is very expensive, additionally the requirement of internet speed and storage also becomes an issue for it. However that being said the core wallet is the most secure. Once you have that in place just give your wallet address to anyone you want to receive bitcoins from.

Cash Out Bitcoin In Pakistan:
The first question comes to mind is how to get usd to bitcoin or bitcoin to usd or get the bitcoins converted in Pakistani Ruppes. The best source would be to check the local exchanges. There are a few options here such as OTC(over the counter trading). Usually this method is expensive and risk as you have to send bitcoins the the exchanger first before they send you back fiat. Since bitcoins are irreversible its a risk of the exchanger running away with your funds. Addtionally this is expensive and the trusted sellers or buyers charge up to 20% commission. These can be found if you have install mycelium wallet on your android mobile or through localbitcoins.com. Second option would be to search facebook for this type of trade. Other option is to either join an international exchange and convert there and have them wire you funds to Pakistan(again the wire fee and interbank rates plus longer time period will be required, which makes it exp too). Its only feasible if you have large amounts of btc that you want to sell or buy. The last option would be to look for the local trading platform which in Pakistan is urdubit.com. Urdubit is the cheapest as you can offer to sell your bitcoins on your own terms on there or sell instantly to other users who already have orders up on the exchange.

Please do realize once again that bitcoin is decentralized and its price varies on supply and demand of that particular country or even exchange/trading platform/exchanger in that country. It is advised that you search all options and understand the risks involved. Usually exchangers are risky and expensive. While its easier to deal with them as they dont require KYC/AML, but security wise I would like to recommend a trading platform where you can sell or buy bitcoins.